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Ayurveda 2.0
On the cusp of change
2 PwC | Ayurveda 2.0
Contents
1. Executive summary........................................................................4
2. History and significance of Ayurveda...........................................5
3. Overview of the Ayurveda market: Size and segmentation.........6
Retail Ayurveda.............................................................................10
Wellness Ayurveda........................................................................ 11
Therapeutic Ayurveda...................................................................12
4. Market disruptors.........................................................................13
Ayurveda 2.0: Leveraging technology...........................................13
Luxury Ayurveda...........................................................................15
5. Opportunities to harvest..............................................................16
6. The challenges.............................................................................17
7. Role of the Government...............................................................19
8. Conclusion....................................................................................20
9.7
8.4
7.2
6.2
5.3
4.6
4
3.4
According to the Union Minister of State for AYUSH, products in India is forecast to rise three-fold from
Shripad Yesso Naik, the market size of Ayurvedic US$2.5 billion in 2015 to US$8.0 billion by 2022.
8
9.7
6.8
5.7
4.9
4.1
3.5
3
2.5
69%
of Indian households
in 2015 utilised
Ayurveda products
77%
of Indian households
in 2017 utilised
Ayurveda products
The Himalaya The company offers wellness for every home and the Chyavanaprasha, Gokshura, Cocoa
Drug Company entire family with its herbal healthcare and personal Butter, Natural Glow (fairness cream),
care products. Triphala, Sparkling White toothpaste
Shree Baidyanath Baidyanath has validated millennium-old Ayurveda Ayurdant, Chayanwanprash, Liver X,
Ayurved Bhawan formulations by following stringent norms of modern Amla Juice, Glucose D, Kesari Kalp,
clinical research. Through its R&D and strict testing Cow Ghee, Aloe Vera Natural Scrub,
procedures, Baidyanath maintains high standards Amla Hair Oil, Himani Kalyan Tel
of manufacturing, product quality and packaging.
It enriches its Ayurveda repertoire by evolving
new formulations while standardising traditional
herbal preparations.
Patanjali Ayurved Patanjali Ayurved Limited was incorporated in 2006 Naturally grown organic fruits and
Limited and is based in Haridwar. The company offers vegetables, Kesar, Divya Badam
Ayurvedic products for treatment of cancer, AIDS, Rogan, Mukta Vati Extra Power
diabetes, arthritis, thyroid-related diseases, and Pack, Divya Gashar Churna,
more. It markets its products through distributors, Patanjali Combo Breakfast Biscuit,
mega-stores and chikitsalayas. Aastha Hawan Samagri
Kerala Ayurveda, Kerala Ayurveda Limited is an Ayurveda Provides healing and wellness
Ltd. company engaged in providing Ayurvedic solutions and classifies its products
services and products. into three categories: Proprietary
Products, Classical Products and
Consumer Products
Dabur India Ltd. Dabur India Ltd is one of the leading FMCG Dabur Amla Hair Oil, FEM Fairness
companies in India. It is a world leader in Ayurveda Naturals Gold Bleach, Odonil, Odomos,
with a portfolio of more than 250 herbal and Dabur Honey, Dabur Almond Hair Oil,
Ayurvedic products. Hajmola, Dabur Natural Care Double
Action, Dabur Active Blood Purifier and
Dabur Agastya Haritaki Avaleha, and key
consumer products categories including
hair care, oral care, health care, skin
care, home care and foods
Forest Essentials The company offers a range of natural skin care and Ayurvedic body massage oil, baby
hair care products. It advocates the Ayurvedic view hair and body wash Dasapushpadi,
that a holistic approach is necessary for beauty care body mist sprays, luxury sugar soap,
by using only naturally distilled pure essential oils, shower oil, body lotion
pure cold pressed and organically grown vegetable
oils and plant extracts in skin applications.
Charak Pharma Charak Pharma formulates standardised products Manoll Nutra Syrup, herbal face wash
Pvt. Ltd of the highest quality and has popularised herbal and herbal scrub, herbal anti-dandruff
healthcare products worldwide. shampoo, herbal sunscreen lotion,
moisturising lotion and herbal shampoo
Amrutanjan The company is engaged in manufacturing Amrutanjan Strong Pain Balm, Relief
Healthcare Limited Ayurvedic beverages and pain balms for Inhaler, Relief Cough Syrup, Relief Swas
headaches, cold and cough. Mint, Xpert Dermal Ointment
Lotus Herbals This science-driven brand offers more than 400 Lotus Herbals WhiteGlow, YouthRx
natural products ranging from premium skin care, Active Anti-Ageing, Lotus Herbals Anti
sun care and hair care brands to colour cosmetics. tan Body Lotion
According to Anurag Mathur, Partner & Leader, Consumer Goods & Retail, PwC India,
“The Naturals phenomenon is not a short-lived trend, and is here to stay in a nation
rich with the wisdom of the ages and historical recipes from nature. Companies that
build a coherent strategy around a set of different capabilities will emerge the winner.”
Ayurveda products have taken a strong hold in India’s formulations, which are backed by intensive research,
FMCG sector by increasing their distribution channels and have been very well received in Indian and foreign
making optimal use of mass communication strategies. markets. The company exports its range to European and
A leading Ayurveda player has achieved a significant Middle East countries (60 countries) and has launched its
position in the FMCG sector, reaching more than 5000 products in the UK, France and Germany.
distributors, 15000 stores and 100 mega marts across India has always had the heritage of Ayurveda and
India, along with product sales on eCommerce websites. culture, which is rooted in the use of natural ingredients
Some of the key players in the segment include Himalayas for personal care formulation.
Herbal Healthcare, Patanjali, Dabur and Baidyanath.
“If there is a new product with herbal ingredients,
The significantly lower price point for many Ayurveda
I would prefer to buy that over a product with
products (compared to that for Allopathic products) has
led to the former’s increased affordability and increased chemical ingredients as I know it will not have
their sale. On an average, Ayurvedic products are priced any harmful side effects,” said a consumer of
between 20 to 30 per cent less than those sold by big- Ayurvedic products in Delhi who believes in the
brand consumer packaged goods (CPG) companies. goodness of natural and herbal ingredients.
Recognising this opportunity, companies have begun
The popularity of products made with natural ingredients
launching traditional products and services, home
has led to some top retailers of personal care products such
remedies with Ayurveda as the core proposition. For
as L’Oréal, P&G and Godrej jumping on the bandwagon by
example, within the personal care domain, players such
using natural ingredients in some of their brands.
as Forest Essentials and Kama have positioned their
products as luxury Ayurveda. They produce a large range Kerala, in particular, has witnessed the emergence of 1400
of premium-priced products that are mainly available at Ayurveda-associated industries, with a total turnover of
their own high-end retail stores. US$ 37 million and export of US$8.3 million, in 2016. The
Indian herbal industry is currently estimated at US$578
Many regional and national players have converted
million. Of this, Kerala accounts for 10% of the estimated
traditional Ayurvedic practices into a precise science.
market size. Prominent herbal players in the country
For example, Himalaya’s products, with their proprietary
include Himalaya Herbals, Lotus Herbals and Ayur Herbals.
“It (Ayurveda) considers the multidimensional aspects of the whole person. In our Western
model, we focus on the physical body, but in Ayurveda we also consider the mental,
emotional and energetic from a more expansive view than the strictly biochemical and
spiritual dimensions of the person we are working with,” said Annie B. Kay, MS, RD, RYT,
lead nutritionist at the Kripalu Center for Yoga & Health in Stockbridge, Massachusetts.
There has been an increase in chronic diseases due stressful urban lifestyle, detox myself and be pampered
(partly) to significant lifestyle changes and an ageing by nature’s purest elements,” said a 24-year-old
population. This has led not only the older generation individual working in Bengaluru’s silicon hub.
but also millennials to venture into Ayurveda for lifestyle- One of the ways in which the growing demand in the wellness
related ailments and achieve recreational benefits. “It’s space is being met is by leveraging technology. This has
a way for me to get away from the claustrophobic and eased bottlenecks including accessibility and affordability.
As Jeevika Tyagi, CEO, Allayurveda.com said, “Amidst the hustle of the daily grind,
people are constantly looking for serenity and are ready to splurge on services that
can offer them this in a natural way.”
Kerala has transformed itself into a wellness tourist hub that industry is an important contributor of the state’s revenue.
is known for its unparalleled quality of Ayurveda services Wellness centres such as the Kumarakom Lake Resort,
and diverse holistic treatments. The state has seen a steady Kalari Kovilakom, the Somatheeram Ayurveda Resort and
growth in foreign and domestic tourism in the last five the Athreya Ayurvedic Centre offer Ayurvedic rejuvenation
years. In 2017, Kerala saw the influx of 0.015 million foreign treatment plans as 8-15-day packages (inclusive of stay, food
tourists and 0.2 million domestic tourists, an increase of and basic amenities). “It is an out of the world experience in
5.15% and 11.39%, respectively, from 2016. The total annual the way of pure ingredients and the enchanting, relaxed and
revenue from tourism in Kerala in 2017 was US$4.5 billion, sublime ambience,” said a strong proponent of Ayurvedic
an increase of 12.56% from the previous year. The Ayurveda rejuvenation treatment.
“Ayurveda, as a concept, has always enjoyed immense awareness and trust but
suffered from low adoption, particularly among millennials. Patanjali has played a
strong role in reinvigorating that interest and driving Ayurveda into the mainstream,”
said Shalabh Gupta, CEO of KIVA.
For any business to thrive, the presence and role of an “In particular markets such as the US, there is a
investor is imperative and highly valuable for the growth of huge demand because people are willing to pay a
the company, especially during its early stages. premium for Ayurvedic or organic products, and the
Players such as Dabur utilise technology to enhance the number of manufacturers with a heritage
benefits of their herbal products. Dabur is one of the like Dabur are limited,” said Gopal Pillai,
largest herbal-focused FMCG players in India. To appeal
Director and General Manager of Seller
to modern customers, the company places upfront (on
its products) quantifiable measures of ingredients used
Services at Amazon India.
in its products, to substantiate their benefits. Media
campaigns for the company’s Chyawanprash are based
on the results of a clinical trial that quantify the benefits
of the product. For some time, Ayurveda players have
been making significant use of media and modern-day
technology to augment their presence and reach an
expanded audience.
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